Unaudited semi-annual report as at 30th June Catella SICAV. Investment Company (SICAV) Luxembourg. R.C.S. Luxembourg B

Transcription

1 Unaudited semi-annual report Catella SICAV Investment Company (SICAV) Luxembourg R.C.S. Luxembourg B

2 Notice The sole legally binding basis for the purchase of Shares of the Fund described in this report is the latest valid sales prospectus with its terms of contract.

3 Catella SICAV Contents Organisation... 2 General information... 4 Combined statement of net assets... 5 Catella SICAV - Catella Nordic Long/Short Equity... 6 Statement of net assets... 6 Statistical information... 7 Statement of investments and other net assets... 8 Industrial and geographical classification of investments... 9 Catella SICAV - Catella Nordic Tiger Statement of net assets Statistical information Statement of investments and other net assets Industrial and geographical classification of investments Catella SICAV - Catella Nordic Corporate Bond Flex Statement of net assets Statistical information Statement of investments and other net assets Industrial and geographical classification of investments Notes to the financial statements

4 Catella SICAV Organisation Registered Office Board of Directors of the Fund 4, rue Peternelchen L-2370 Howald Chairman Joakim STENBERG Senior Business Development Manager Catella Fondförvaltning AB Sweden Members Lena ANDERSSON Head of Administration Catella Fondförvaltning AB Sweden Olivier SCHOLTES Head of Investment Management Function SEB Fund Services S.A., Luxembourg Management Company and Central Administration Agent SEB Fund Services S.A. 4, rue Peternelchen L-2370 Howald Board of Directors of the Management Company Chairman Gustaf UNGER Head of Investor Services, Transaction Banking Skandinaviska Enskilda Banken AB (publ), Sweden Vice-Chairman Peter KUBICKI Head of Wealth Management SEB Wealth Management, Denmark (until 2nd March 2015) Directors Ralf FERNER Managing Director SEB Fund Services S.A., Luxembourg Göran FORS Head of Sales and Market Development Asset Servicing Skandinaviska Enskilda Banken AB (publ), Sweden Jonas LINDGREN Head of Prime Brokerage SEB Equities, Sweden Erika LUNDQUIST Managing Director Skandinaviska Enskilda Banken S.A., Luxembourg (since 2nd March 2015) 2

5 Catella SICAV Organisation (continued) Magnus WALLBERG Deputy Managing Director, CFO/COO Skandinaviska Enskilda Banken S.A., Luxembourg Custodian Administration Agent and Registrar and Transfer Agent Investment Manager Placement and Distribution Agent Auditor Skandinaviska Enskilda Banken S.A. 4, rue Peternelchen L-2370 Howald European Fund Administration S.A. 2, rue d Alsace L-1122 Luxembourg Catella Fondförvaltning AB Birger Jarlsgatan 6 SE Stockholm Catella Bank Filial Box 2015 SE Stockholm PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator L-2182 Luxembourg 3

6 Catella SICAV General information Catella SICAV (the "Fund") was incorporated as an open-ended investment company ("Société d Investissement à Capital Variable") with multiple compartments on 13th July 2009 for an unlimited period. The Fund is registered under Part I of the amended Law of 17th December 2010 relating to Undertakings for Collective Investment (the "2010 Law"). The Articles were published in the "Mémorial C, Recueil des Sociétés et Associations" ("Mémorial") on 30th July The last amendment of the Articles took place on 3rd April 2012 and was published on 18th May 2012 in the "Mémorial". The Directors of the Fund have appointed SEB Fund Services S.A. as the Management Company of the Fund. SEB Fund Services S.A. was incorporated for an unlimited period on 2nd August 1993 in the form of a "Société Anonyme" in Luxembourg under the name of "Skandifond International Advisory Company S.A.". It has been transformed into a management company and changed name with effect on 22nd October The Management Company is governed by Chapter 15 of the 2010 Law relating to Undertakings for Collective Investment. It has its registered office in Luxembourg at 4, rue Peternelchen, L-2370 Howald. The Articles of incorporation of the Management Company were published in the "Mémorial", official gazette of the Grand-Duchy of Luxembourg, as of 16th November The last amendment of the Articles was published on 28th August At the date of the report, the following Sub-Funds are open: - Catella SICAV - Catella Nordic Long/Short Equity in SEK - Catella SICAV - Catella Nordic Tiger in SEK - Catella SICAV - Catella Nordic Corporate Bond Flex in SEK. Class "R" Shares are available to all investors and Class "I" Shares are reserved to Institutional Investors. At the date of the report, the following Share Classes are issued: - RC (SEK) Shares, in all Sub-Funds, - IC (SEK) Shares, RC (H-EUR) in the Sub-Fund Catella SICAV - Catella Nordic Long/Short Equity, - RC (EUR) Shares in the Sub-Fund Catella SICAV - Catella Nordic Tiger, - IC1 (SEK) Shares, IC (H-EUR) Shares, RD (SEK) Shares in the Sub-Fund Catella SICAV - Catella Nordic Corporate Bond Flex. The Net Asset Value of each class of the Sub-Funds is normally calculated as per each Business Day (the "Valuation Day"). A Business Day is a day on which banks are normally open for business in Luxembourg and Sweden. The financial year of the Fund starts on 1st January and ends on 31st December in each year. The audited annual reports and the unaudited semi-annual reports comprise combined financial statements of the Fund expressed in EUR, being the reference currency of the Fund, and financial information on each Sub-Fund expressed in the reference currency of each Sub-Fund. Copies of the audited annual financial statements and unaudited semi-annual reports, as well as the current prospectus, the Key Investor Information Document (the "KIID") and copies of the Articles of Incorporation of the Fund may be obtained free of charge at the registered office of the Fund. 4

7 Catella SICAV Combined statement of net assets (in EUR) Assets Securities portfolio at market value 524,319, Option contracts at market value 78, Deposits on futures contracts 520, Cash at banks 44,271, Cash collateral at banks 5,001, Other liquid assets 1,695, Formation expenses, net 2, Receivable on issues of shares 302, Income receivable on portfolio 6,236, Interest receivable on bank accounts Unrealised gain on futures contracts 43, Unrealised gain on forward foreign exchange contracts 4,671, Results receivable on contracts for difference (CFD) 93, Other receivables 285, Prepaid expenses 3, Total assets 587,525, Liabilities Bank overdrafts Other liquid liabilities 3.13 Payable on treasury transactions 1, Payable on redemptions of shares 328, Interest payable on swaps contracts 31, Unrealised loss on swaps contracts 1,888, Unrealised loss on contracts for difference (CFD) 285, Expenses payable 612, Interest payable on contracts for difference (CFD) Other liabilities 43, Total liabilities 3,190, Net assets at the end of the period 584,334, The accompanying notes are an integral part of these financial statements. 5

8 Catella SICAV - Catella Nordic Long/Short Equity Statement of net assets (in SEK) Assets Securities portfolio at market value 318,588, Option contracts at market value 730, Deposits on futures contracts 4,813, Cash at banks 31,522, Cash collateral at banks 4,070, Other liquid assets 7,004, Formation expenses, net 7, Receivable on issues of shares 343, Income receivable on portfolio 307, Unrealised gain on futures contracts 398, Unrealised gain on forward foreign exchange contracts 8, Results receivable on contracts for difference (CFD) 864, Other receivables 2,634, Prepaid expenses 1, Total assets 371,295, Liabilities Bank overdrafts 5, Payable on treasury transactions 12, Payable on redemptions of shares 307, Unrealised loss on contracts for difference (CFD) 2,634, Expenses payable 587, Interest payable on contracts for difference (CFD) 2, Other liabilities 398, Total liabilities 3,947, Net assets at the end of the period 367,347, Number of IC (SEK) Shares outstanding 1,011, Net asset value per IC (SEK) Share Number of RC (H-EUR) Shares outstanding 30, Net asset value per RC (H-EUR) Share EUR Number of RC (SEK) Shares outstanding 1,973, Net asset value per RC (SEK) Share The accompanying notes are an integral part of these financial statements. 6

9 Catella SICAV - Catella Nordic Long/Short Equity Statistical information (in SEK) Total net assets - as at ,347, as at ,425, as at ,234, Number of IC (SEK) Shares outstanding - outstanding at the beginning of the period 811, issued 421, redeemed -222, outstanding at the end of the period 1,011, Net asset value per IC (SEK) Share - as at as at as at Number of RC (H-EUR) Shares outstanding - outstanding at the beginning of the period 30, issued redeemed outstanding at the end of the period 30, Net asset value per RC (H-EUR) Share - as at EUR as at EUR as at Number of RC (SEK) Shares outstanding - outstanding at the beginning of the period 1,791, issued 546, redeemed -364, outstanding at the end of the period 1,973, Net asset value per RC (SEK) Share - as at as at as at The accompanying notes are an integral part of these financial statements. 7

10 Catella SICAV - Catella Nordic Long/Short Equity Statement of investments and other net assets (in SEK) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Shares DKK 26,000 Novo Nordisk AS B 12,590, ,743, NOK 10,000 Aker ASA A 1,743, ,781, SEK 19,000 Autoliv Inc SDR 19,461, ,392, SEK 47,500 Corem Property Gr AB Pref 6,360, ,072, SEK 48,000 Evolution Gaming Group AB 4,341, ,376, SEK 49,000 Investor AB B 16,608, ,136, SEK 170,609 Inwido AB 12,011, ,397, SEK 10,657 Klovern AB Pref 2,898, ,154, SEK 372,355 Mycronic AB 8,234, ,434, SEK 100,000 Pandox AB B 10,600, ,050, SEK 310,001 Rezidor Hotel Group AB 9,448, ,230, SEK 599,443 RNB Retail & Brands AB 11,231, ,422, SEK 103,000 Saab AB B 22,702, ,878, SEK 216,601 Sagax AB Pref 6,246, ,321, SEK 26,000 SAS AB Pref 11,950, ,428, SEK 63,000 SKF AB B 13,036, ,913, SEK 54,000 Swedish Match AB 13,964, ,733, SEK 160,000 Swedish Orphan Biovitrum AB 12,309, ,600, SEK 105,000 Tele2 AB B 11,392, ,122, SEK 75,000 Trelleborg AB B 11,772, ,497, Money market instruments Money market instruments 204,571, ,158, Total shares 218,905, ,683, SEK 12,000,000 Atrium Ljungberg AB 0% CP / ,948, ,948, SEK 15,000,000 Getinge AB 0% CP 15/ ,967, ,967, SEK 10,000,000 Hexagon AB 0% CP 15/ ,986, ,986, SEK 12,000,000 Indutrade AB 0% CP 15/ ,992, ,992, Total money market instruments 48,894, ,894, Open-ended investment funds Investment funds (UCITS) SEK 258, Catella Avkastningsfond Units Dist 32,038, ,011, Total investment funds (UCITS) 32,038, ,011, Total investments in securities 299,838, ,588, Options Listed financial instruments Index options SEK 100 OMX Stockholm 30 Index PUT 08/15 OMX , , Total options 385, , Cash and cash collateral at banks 35,592, Bank overdrafts -5, Other net assets/(liabilities) 12,441, Total 367,347, The accompanying notes are an integral part of these financial statements. 8

11 Catella SICAV - Catella Nordic Long/Short Equity Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Capital goods % Investment funds 8.99 % Real estate 8.57 % Automobiles and components 8.14 % Pharmaceuticals and biotechnology 7.99 % Technology hardware and equipment 6.11 % Hotels, restaurants and leisure 5.80 % Investment companies 4.12 % Health care equipment and services 4.07 % Transportation 3.87 % Food, beverage and tobacco 3.47 % Telecommunication services 2.76 % Consumer durables and apparel 2.29 % Software and services 1.46 % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) Sweden % United States of America 5.01 % Denmark 3.20 % Norway 0.49 % Total % 9

12 Catella SICAV - Catella Nordic Tiger Statement of net assets (in SEK) Assets Securities portfolio at market value 151,990, Cash at banks 5,880, Other liquid assets 479, Formation expenses, net 7, Receivable on issues of shares 19, Prepaid expenses Total assets 158,378, Liabilities Bank overdrafts 0.79 Other liquid liabilities Payable on redemptions of shares 6, Expenses payable 359, Total liabilities 365, Net assets at the end of the period 158,013, Number of RC (EUR) Shares outstanding 75, Net asset value per RC (EUR) Share EUR 9.07 Number of RC (SEK) Shares outstanding 1,107, Net asset value per RC (SEK) Share The accompanying notes are an integral part of these financial statements. 10

13 Catella SICAV - Catella Nordic Tiger Statistical information (in SEK) Total net assets - as at ,013, as at ,905, as at ,576, Number of RC (EUR) Shares outstanding - outstanding at the beginning of the period issued 79, redeemed -4, outstanding at the end of the period 75, Net asset value per RC (EUR) Share - as at EUR as at as at Number of RC (SEK) Shares outstanding - outstanding at the beginning of the period 1,070, issued 340, redeemed -304, outstanding at the end of the period 1,107, Net asset value per RC (SEK) Share - as at as at as at The accompanying notes are an integral part of these financial statements. 11

14 Catella SICAV - Catella Nordic Tiger Statement of investments and other net assets (in SEK) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Shares DKK 333 A.P. Moeller - Maersk A/S B 4,419, ,999, DKK 1,881 Carlsberg A/S B 1,182, ,415, DKK 2,100 Chr. Hansen Holding A/S 547, , DKK 300 D/S Norden A/S 72, , DKK 1,320 FLSmidth & Co AS B 514, , DKK 1,335 NKT Holding 571, , DKK 28,413 Novo Nordisk AS B 8,111, ,833, DKK 14,475 Novozymes AS B 4,201, ,703, DKK 22,315 Royal Unibrew A/S 4,439, ,324, DKK 3,400 Vestas Wind Systems A/S 924, ,406, ,985, ,757, EUR 1,900 Cargotec Oyj B 471, , EUR 11,629 Fortum Oyj 1,706, ,713, EUR 21,760 Kone Oyj B 6,187, ,320, EUR 1,900 Konecranes Plc 423, , EUR 2,955 Metso Oyj 670, , EUR 108,425 Nokia Oyj 5,196, ,102, EUR 7,765 Nokian Tyres Plc 1,768, ,017, EUR 17,996 Outotec Oyj 1,022, , EUR 4,592 Valmet Corp 273, , EUR 2,430 Waertsilae Oyj Abp 760, , ,480, ,214, NOK 4,700 Akastor ASA 147, , NOK 4,910 Aker Solutions ASA 383, , NOK 8,450 DNO ASA A 121, , NOK 1,315 Fred Olsen Energy ASA 187, , NOK 495 Golden Ocean Group Ltd 19, , NOK 1,040 Kvaerner ASA 16, , NOK 157,572 Norsk Hydro ASA 6,142, ,489, NOK 1,650 Petroleum Geo-Services ASA 140, , NOK 1,835 Prosafe SE 101, , NOK 17,100 Subsea 7 SA 1,846, ,383, NOK 30,425 Telenor ASA 4,201, ,510, NOK 1,050 TGS Nopec Geophysical Co ASA 192, , NOK 3,350 Yara Intl ASA 1,081, ,442, ,582, ,640, SEK 1,700 AAK AB 718, , SEK 55,754 ABB Ltd Reg 8,132, ,684, SEK 35,421 Alfa Laval AB 5,605, ,167, SEK 32,880 Assa Abloy AB B 4,119, ,132, SEK 42,763 Atlas Copco AB A 8,470, ,921, SEK 5,757 Autoliv Inc SDR 3,462, ,572, SEK 17,900 BillerudKorsnas AB 2,336, ,332, SEK 11,196 Electrolux AB B 2,048, ,908, SEK 35,737 Elekta AB Shares B 3,029, ,858, SEK 4,327 Hexagon AB B 860, ,299, SEK 21,529 Meda AB A 1,962, ,484, SEK 9,815 Millicom Intl Cellular SA SDR 5,910, ,001, SEK 28,805 Modern Times Group MTG AB B 7,469, ,406, SEK 6,387 Oriflame Holding SA 910, , SEK 3,100 Saab AB B 569, , SEK 17,940 Sandvik AB 1,619, ,644, SEK 15,259 SKF AB B 2,717, ,885, SEK 33,683 Telefon AB LM Ericsson B 2,945, ,893, The accompanying notes are an integral part of these financial statements. 12

15 Catella SICAV - Catella Nordic Tiger Statement of investments and other net assets (in SEK) (continued) Currency Number / nominal value Description Cost Market value % of total net assets SEK 37,756 TeliaSonera AB 1,889, ,842, SEK 47,570 Trelleborg AB B 5,494, ,292, SEK 36,240 Volvo AB B 3,423, ,729, ,696, ,377, Total investments in securities 131,744, ,990, Cash at banks 5,880, Bank overdrafts Other net assets/(liabilities) 142, Total 158,013, The accompanying notes are an integral part of these financial statements. 13

16 Catella SICAV - Catella Nordic Tiger Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Capital goods % Pharmaceuticals and biotechnology % Automobiles and components % Materials 9.71 % Telecommunication services 8.46 % Technology hardware and equipment 5.69 % Media 4.05 % Investment companies 4.00 % Transportation 3.20 % Health care equipment and services 2.75 % Consumer durables and apparel 1.84 % Food, beverage and tobacco 1.43 % Energy 1.35 % Utilities 1.08 % Household and personal products 0.54 % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) Sweden % Denmark % Finland % Norway 8.34 % Switzerland 6.67 % Luxembourg 4.68 % United States of America 3.53 % Cyprus 0.03 % Bermuda 0.01 % Total % 14

17 Catella SICAV - Catella Nordic Corporate Bond Flex Statement of net assets (in SEK) Assets Securities portfolio at market value 4,375,126, Cash at banks 371,752, Cash collateral at banks 42,150, Other liquid assets 8,183, Formation expenses, net 7, Receivable on issues of shares 2,432, Income receivable on portfolio 57,326, Interest receivable on bank accounts Unrealised gain on forward foreign exchange contracts 43,167, Prepaid expenses 26, Total assets 4,900,172, Liabilities Payable on redemptions of shares 2,726, Interest payable on swaps contracts 288, Unrealised loss on swaps contracts 17,450, Expenses payable 4,710, Total liabilities 25,175, Net assets at the end of the period 4,874,996, Number of IC1 (SEK) Shares outstanding 4,918, Net asset value per IC1 (SEK) Share Number of IC (H-EUR) Shares outstanding 80, Net asset value per IC (H-EUR) Share EUR Number of RC (SEK) Shares outstanding 32,951, Net asset value per RC (SEK) Share Number of RD (SEK) Shares outstanding 1,188, Net asset value per RD (SEK) Share The accompanying notes are an integral part of these financial statements. 15

18 Catella SICAV - Catella Nordic Corporate Bond Flex Statistical information (in SEK) Total net assets - as at ,874,996, as at ,279,746, as at ,061,828, Number of IC1 (SEK) Shares outstanding - outstanding at the beginning of the period 3,312, issued 5,198, redeemed -3,592, outstanding at the end of the period 4,918, Net asset value per IC1 (SEK) Share - as at as at as at Number of IC (H-EUR) Shares outstanding - outstanding at the beginning of the period 113, issued 71, redeemed -103, outstanding at the end of the period 80, Net asset value per IC (H-EUR) Share - as at EUR as at EUR as at EUR Number of RC (SEK) Shares outstanding - outstanding at the beginning of the period 30,260, issued 10,238, redeemed -7,547, outstanding at the end of the period 32,951, Net asset value per RC (SEK) Share - as at as at as at Number of RD (SEK) Shares outstanding - outstanding at the beginning of the period 878, issued 448, redeemed -138, outstanding at the end of the period 1,188, Net asset value per RD (SEK) Share - as at as at as at Dividend paid Ex-dividend date Dividend per share 3.05 Shares outstanding at dividend date 936, The accompanying notes are an integral part of these financial statements. 16

19 Catella SICAV - Catella Nordic Corporate Bond Flex Statement of investments and other net assets (in SEK) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing DKK 35,250,000 AX IV EG Holding III ApS FRN Sen 13/ ,474, ,595, EUR 4,000,000 Ahlstrom Oyj 4.125% Sen 14/ ,538, ,643, EUR 5,000,000 Cargotec Oyj 3.375% Sen 14/ ,353, ,318, EUR 5,000,000 Danske Bank A/S VAR Reg S Sub 13/ ,208, ,601, EUR 5,000,000 Dong Energy A/S VAR EMTN 13/08.07.Perpetual 43,780, ,972, EUR 4,500,000 European Energy AS FRN Sen 14/ ,182, ,380, EUR 5,000,000 Hannover Rueck SE VAR Sub 14/26.06.Perpetual 45,482, ,092, EUR 4,700,000 Hoist Kredit AB FRN 14/ ,254, ,979, EUR 12,000,000 HSBC Holdings Plc VAR 14/16.03.Perpetual 114,677, ,102, EUR 4,250,000 Kommunal Landspensjonskasse AS VAR Reg S Sen Sub 15/ ,646, ,562, EUR 5,000,000 LM Group Holding A/S 8% Sen 14/ ,202, ,671, EUR 2,500,000 Lock Lower Holding AS 7% Reg S 14/ ,323, ,460, EUR 10,000,000 Nykredit Realkredit AS VAR Reg S Sub 14/ ,308, ,822, EUR 4,970,000 Old Mutual Plc VAR EMTN 05/04.11.Perpetual 46,931, ,077, EUR 6,000,000 Orange VAR Reg S Sub 14/07.02.Perpetual 52,542, ,638, EUR 8,200,000 Polygon AB FRN 14/ ,923, ,994, EUR 18,000,000 Rabobank Nederland NV VAR Sub 15/29.06.Perpetual 171,017, ,016, EUR 5,000,000 Sagax AB FRN Sen 14/ ,314, ,348, EUR 3,231,000 Silk Bidco AS 7.5% Reg S Sen 15/ ,873, ,771, EUR 1,500,000 Swiss Life VAR 05/16.11.Perpetual 12,365, ,992, EUR 4,000,000 Unilabs SubHolding AB 8.5% Reg S 13/ ,284, ,493, EUR 2,000,000 Vattenfall AB VAR Reg S Sub 15/ ,499, ,573, EUR 8,950,000 Volvo Treasury AB VAR 14/ ,363, ,079, ,189,077, ,199,595, GBP 9,500,000 Danske Bank A/S VAR EMTN Ser /15.02.Perpetual 117,734, ,008, GBP 9,806,000 DnB Bank ASA FRN Reg-S 07/29.12.Perpetual 118,353, ,693, GBP 5,212,000 Scottish Widows PLC VAR Reg-S 05/ Perpetual 60,395, ,260, ,482, ,962, NOK 40,000,000 Beerenberg Holdco II AS FRN 14/ ,269, ,896, NOK 30,000,000 BW Offshore Ltd FRN 13/ ,788, ,832, NOK 35,000,000 Color Group ASA FRN 13/ ,010, ,509, NOK 40,000,000 Crayon Group AS FRN 14/ ,899, ,167, NOK 24,000,000 Curato Bidco FRN Sk 13/ ,681, ,312, NOK 23,000,000 DOF ASA FRN 14/ ,029, ,601, NOK 30,000,000 DOF Subsea ASA FRN Sen 13/ ,579, ,146, NOK 50,000,000 EWOS Holding AS FRN Reg S 13/ ,015, ,973, NOK 30,000,000 Exmar NL BV FRN Sen 14/ ,287, ,979, NOK 40,000,000 Golar LNG Partners LP FRN Sen 12/ ,096, ,919, NOK 30,000,000 Infratek AS FRN Sen 14/ ,296, ,942, NOK 80,000,000 Lock AS FRN 14/ ,913, ,973, NOK 50,000,000 Norlandia Care Group AS FRN 13/ ,065, ,632, NOK 45,000,000 Pharmaq Hg AS FRN 14/ ,198, ,031, NOK 40,000,000 Siem Offshore Inc FRN Sen 14/ ,503, ,685, NOK 70,000,000 Storebrand Livsforsikring AS Step-up Sub 14/25.06.Perpetual 74,955, ,099, NOK 20,000,000 Stormgeo Hg AS FRN Sen 14/ ,030, ,663, NOK 19,000,000 Tallink Group Ltd FRN Sen 13/ ,319, ,618, NOK 30,000,000 Teekay LNG Partners LP FRN Sen 13/ ,437, ,501, NOK 25,000,000 Teekay Offshore Partners LP FRN Sen 14/ ,424, ,164, NOK 50,000,000 W Hg AS FRN 14/ ,897, ,446, ,701, ,099, SEK 45,000,000 Arise AB FRN 14/ ,954, ,034, SEK 26,000,000 Bayport Management Ltd 13% 12/ ,832, ,588, SEK 10,000,000 Bayport Management Ltd 13% Sen 13/ ,947, ,606, SEK 2,000,000 Bayport Management Ltd 14% Sub 14/ ,000, ,072, SEK 40,000,000 Be Bio Energy Group AB FRN 14/ ,000, ,600, SEK 15,000,000 Bravida Holding AB FRN Reg S 13/ ,167, ,130, SEK 52,000,000 Candyking Holding AB FRN Sen 14/ ,000, ,960, SEK 30,000,000 Eniro AB 6% Conv Sen 15/ ,500, ,812, SEK 5,000,000 Estea Logistic Prop 5 AB 7% Sen 13/ ,925, ,025, Bonds The accompanying notes are an integral part of these financial statements. 17

20 Catella SICAV - Catella Nordic Corporate Bond Flex Statement of investments and other net assets (in SEK) (continued) Currency Number / nominal value Description Cost Market value % of total net assets SEK 30,000,000 Golden Heights AB FRN Ser 1 14/ ,000, ,150, SEK 60,000,000 Intrum Justitia AB FRN MTN Sen 14/ ,000, ,287, SEK 20,000,000 Jacob Holm & Sonner FRN Sen 14/ ,000, ,700, SEK 40,000,000 Lauritz AS FRN Sen 14/ ,000, ,800, SEK 100,000,000 Leaseplan Corp NV FRN EMTN 15/ ,000, ,048, SEK 50,000,000 Nordea Bank AB FRN EMTN Sub 15/12.06.Perpetual 50,000, ,874, SEK 35,000,000 Nordlys AB FRN Sen 14/ ,000, ,525, SEK 35,000,000 Sparbanken Syd FRN MTN Sub 14/ ,000, ,175, SEK 70,000,000 SPP Liv Fondforsakring AB VAR Sub 14/27.05.Perpetual 70,365, ,852, SEK 20,000,000 Stendorren Fastigheter AB FRN Sen 15/ ,000, ,350, SEK 62,000,000 Svensk FastighetsFin II AB FRN 12/ ,122, ,579, SEK 80,000,000 Vattenfall AB VAR Reg S Sub 15/ ,000, ,592, SEK 10,000,000 YA Holding AB FRN Sen 14/ ,000, ,825, ,814, ,589, USD 7,500,000 Axa SA 5.5% EMTN Reg S Ser 32 Sub 13/22.07.Perpetual 68,851, ,143, USD 14,000,000 DNB Bank ASA VAR Sub 15/26.03.Perpetual 121,664, ,884, USD 6,323,079 IGas Energy Plc 10% 13/ ,956, ,680, USD 10,000,000 Nordea Bank AB VAR Reg S Tr 12 14/23.03.Perpetual 71,309, ,404, USD 4,000,000 Nordea Bank AB VAR Tr 11 Reg s Sub 14/23.03.Perpetual 28,523, ,724, USD 7,000,000 North Atlantic Drilling Ltd 6.25% Reg S Sen 14/ ,966, ,450, USD 8,243,000 Prudential Plc 5.25% EMTN Reg S Ser 26 13/23.03.Perpetual 70,953, ,628, USD 8,000,000 SeaDrill Ltd 6.5% Sen 10/ ,536, ,864, USD 10,000,000 Skandinaviska Enskilda Banken VAR MTN Sub 14/13.05.Perpetual 73,966, ,855, USD 24,550,000 Svenska Handelsbanken AB VAR 15/01.03.Perpetual 213,841, ,666, USD 8,150,000 Swedish Export Credit VAR EMTN Reg S Sub 13/ ,928, ,861, USD 6,000,000 Veritas Petroleum Services BV 7% Sen 14/ ,488, ,562, Transferable securities dealt in on another regulated market 886,987, ,725, Total bonds 4,125,537, ,140,567, EUR 2,500,000 Storebrand Livsforsikring AS FRN Sub 13/ ,933, ,072, USD 7,100,000 Bluewater Holding BV 10% 13/ ,701, ,808, USD 2,000,000 IGas Energy Plc 10% Sen 13/ ,501, ,280, USD 6,000,000 Millicom Intl Cellular SA 4.75% Reg S Sen 13/ ,520, ,851, USD 3,000,000 Stena Intl SA 5.75% Reg S Sen 14/ ,381, ,384, Bonds Other transferable securities 129,105, ,326, Total bonds 150,039, ,398, USD 3,000,000 CS London 6.5% Reg S Tier 2 13/ ,780, ,322, Total bonds 19,780, ,322, Bonds Open-ended investment funds Investment funds (UCITS) SEK 400, Catella Credit Opportunity 40,000, ,837, Total investment funds (UCITS) 40,000, ,837, Total investments in securities 4,335,356, ,375,126, Cash and cash collateral at banks 413,902, Other net assets/(liabilities) 85,968, Total 4,874,996, The accompanying notes are an integral part of these financial statements. 18

21 Catella SICAV - Catella Nordic Corporate Bond Flex Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Banks % Diversified financial services % Energy % Insurance 8.78 % Real estate 3.43 % Health care equipment and services 2.43 % Telecommunication services 2.18 % Commercial services and supplies 2.10 % Utilities 1.95 % Transportation 1.82 % Materials 1.66 % Capital goods 1.63 % Retailing 1.55 % Software and services 1.31 % Investment companies 0.90 % Investment funds 0.84 % Food retailing, drugstores and pharmacies 0.78 % Media 0.49 % Total % 19

22 Catella SICAV - Catella Nordic Corporate Bond Flex Industrial and geographical classification of investments (continued) Geographical classification (by domicile of the issuer) (in percentage of net assets) Sweden % Norway % Denmark % The Netherlands 8.26 % United Kingdom 7.87 % Bermuda 3.85 % France 2.45 % Finland 1.74 % Luxembourg 1.48 % Marshall Islands 1.19 % Germany 0.95 % Mauritius 0.83 % Cayman Islands 0.75 % Estonia 0.42 % Switzerland 0.29 % Total % 20

23 Catella SICAV Notes to the financial statements Note 1 - Significant Accounting policies a) Presentation of the financial statements The financial statements of the Fund are established in accordance with the Luxembourg legal and regulatory requirements concerning Undertakings for Collective Investment. b) Valuation 1) Securities listed on Regulated Markets, which operate regularly and are recognised and open to the public, are valued at the last available price; in the event that there should be several such markets, on the basis of the last available price of the main market for the relevant security. Should the last available price for a given security not truly reflect its fair market value, then that security is valued on the basis of the probable sales price which the Directors deem it is prudent to assume; 2) Securities not listed on Regulated Markets, which operate regularly and are recognised and open to the public, are valued on the basis of their last available price. Should the last available price for a given security not truly reflect its fair market value, then that security is valued by the Directors on the basis of the probable sales price which the Directors deem it is prudent to assume; 3) The liquidating value of futures, forward and options contracts (or any other derivative instruments) not traded on Regulated Markets or stock exchanges means their net liquidating value determined, pursuant to the policies established in good faith by the Board of Directors, on a basis consistently applied for each different variety of contracts. The liquidating value of futures, forward and options contracts (or any other derivative instruments) traded on Regulated Markets or stock exchanges is based upon the last available settlement prices of these contracts on Regulated Markets or stock exchanges on which the particular futures, forward or options contracts (or any other derivative instruments) are traded by the Fund; provided that if a futures, forward or options contract (or any other derivative instruments) could not be liquidated on the day with respect to which net assets are being determined, the basis for determining the liquidating value of such contract shall be such value as the Board of Directors may deem fair and reasonable; 4) Liquid assets and money market instruments are valued at nominal value plus any accrued interest or on an amortised cost basis. Securities valued at amortized cost are disclosed at cost value in the statement of investments, amortized interests are recorded as income receivable on portfolio in the statement of net assets. All other assets, where practice allows, are valued in the same manner. Short-term investments that have a remaining maturity of one year or less are valued (i) at market value, or (ii) where market value is not available or not representative, at amortised cost; 5) The value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid, and not yet received are deemed to be the full amount thereof, unless, however, the same is unlikely to be paid or received in full, in which case the value thereof is determined after making such discount as the Directors may consider appropriate in such case to reflect the true value thereof; 6) Shares or units in underlying open-ended investment funds are valued at their last available price. c) Net realised gain/(loss) on sales of securities The net realised gain/(loss) on sales of securities is determined on the basis of the average cost of securities sold. 21

24 Catella SICAV Notes to the financial statements (continued) d) Cost of securities The acquisition cost of a security denominated in a currency other than that of the Sub-Fund is converted to the Sub-Fund's currency at the exchange rate prevailing on the date of purchase. e) Exchange translation Bank balances, other assets and liabilities and the value of securities held that are denominated in other currencies than the Sub-Fund s currency are converted at the prevailing exchange rate of the closing day. Income and expenses incurred in currencies other than the Sub-Fund s currency are converted at the prevailing exchange rate of the day of each transaction. At the date of the report, the prevailing exchange rates on the closing day were as follows: 1 SEK = DKK Danish Krona EUR Euro GBP Pound Sterling NOK Norwegian Krona USD US Dollar f) Combined financial statements The combined financial statements of the Fund are expressed in EUR and are equal to the sum of the corresponding captions in the financial statements of each Sub-fund. At the date of the report, the prevailing exchange rate on the closing day was as follows: 1 EUR = SEK Swedish Krona g) Formation expenses Expenses incurred in connection with the establishment of the Fund are amortised on a straight line basis over a period of five years. Where further Sub-Funds are created in the future, these Sub-Funds will bear, in principle, their own formation expenses. h) Investment income Dividend income is recognised on an ex-dividend basis and is recorded net of withholding tax. Interest income is accrued on a pro rata temporis basis, net of any withholding tax. i) Receivable / payable on treasury transactions The caption "Receivable on treasury transactions" comprises maturities of time deposits, new loans or foreign exchange transactions not yet recorded under the caption "Cash at banks". The caption "Payable on treasury transactions" comprises new time deposits, maturities of loans or foreign exchange transactions not yet recorded under the caption "Cash at banks". For a Sub-Fund possessing amounts "Receivable on treasury transactions" and amounts "Payable on treasury transactions" at the date of the report, only the net amount is disclosed in the statement of net assets. j) Forward foreign exchange contracts Forward foreign exchange contracts are valued at prevailing market rates for the remaining period from valuation day to the maturity of the contracts. Unrealised gain/(loss) is recorded in the statements of net assets. 22

25 Catella SICAV Notes to the financial statements (continued) k) Futures contracts Futures contracts are posted off-balance sheet and are valued at the last available price applicable to the asset. Unrealised gain/(loss) is recorded in the statement of net assets. The net realised gain/(loss) on futures contracts is determined based on the FIFO Method. l) Options contracts Premiums received on the sale of options are recorded as liabilities, and premiums paid on the purchase of options are carried separately as assets. Unrealised gain/(loss) is recorded in the statement of net assets. m) Swaps contracts Swaps are valued at their fair value based on the underlying securities (at close of business or intraday) as well as on the characteristics of the underlying commitments. Realised and unrealised gains and losses are recorded in the statement of net assets. n) Contracts For Differences (CFD) CFD are recorded off-balance sheet and are valued at the last known price of the underlying security on the stock exchanges or regulated markets. Unrealised gain/(loss) is recorded in the statement of net assets. Cash dividends distributed by underlying securities and financing charges and income resulting from CFD contracts are recorded as realised gain/(loss). o) Other liquid assets / Other liquid liabilities The captions "Other liquid assets" and "Other liquid liabilities" are mainly composed of cash accounts held at brokers. Note 2 - Subscription, redemption and conversion fees No fees are charged in case of subscription, redemption or conversion. Note 3 - Management fees The Investment Manager, Catella Fondförvaltning AB, receives an investment management fee ( management fees ), accrued daily and payable monthly in arrears and corresponding to the following effective rates per annum: Sub-Funds Catella SICAV - Catella Nordic Long/Short Equity Catella SICAV - Catella Nordic Tiger Catella SICAV - Catella Nordic Corporate Bond Flex Class IC1 (SEK) Class IC (SEK) Class IC (H-EUR) Class RC (SEK) Class RC (EUR) Class RC (H-EUR) Class RD (SEK) % % % % 1.50% % % 0.50% % 23

26 Catella SICAV Notes to the financial statements (continued) The Management Company receives an infrastructure fee, accrued daily and payable monthly in arrears, of 0.025% per annum of the net assets of the Sub-Funds, subject to an annual minimum of EUR 15,000. In addition the Management Company receives a further 0.025% per annum of the net assets of the Sub-Funds, accrued daily and payable monthly in arrears, subject to no minimum. Furthermore the Management Company is entitled to be reimbursed out of the assets of the Sub-Funds for its reasonable out-of-pocket expenses and disbursements. Note 4 - Performance Fees The Investment Manager is also entitled to receive, from the net assets of certain Classes of Shares of the Sub- Funds Catella SICAV - Catella Nordic Long/Short Equity and Catella SICAV - Catella Nordic Corporate Bond Flex, a performance based incentive fee (the "Performance Fee"). The first Calculation Period commenced on the Valuation Day immediately following the close of the Initial Offer Period. The Performance Fee is calculated, accrued and crystallised on each Valuation Day as an expense of the relevant Class of Shares, meaning that each time a Performance Fee is accrued, it becomes a payable to the Investment Manager. The Performance Fee is paid to the Investment Manager monthly in arrears. The High Watermark (the "HWM") is the highest of the Net Asset Value of the relevant Class of Shares of the previous Valuation Day and the Index Value of the previous Valuation Day multiplied by the daily performance of the index. The Index Value is the index converted into the base value of the relevant Class of Shares at the date of the launch of the Class of Shares. If the launch price is 100, Index Value is the index to the base of 100. If on any Valuation Day, the Gross Asset Value ("GAV") per Share, which is the Net Asset Value per Share after accrual of all fees but before the accrual of Performance Fee, is greater than the HWM, a Performance Fee is calculated by multiplying the difference between the GAV per Share and the HWM by the last outstanding number of Shares of the relevant Class of Shares. The rate of the Performance Fee is 20% p.a. and the index is the OMRX T-Bill Index for all Classes of Shares of the Sub-Funds Catella SICAV - Catella Nordic Long/Short Equity and Catella SICAV - Catella Nordic Corporate Bond Flex. At the date of the report, a performance fee was recorded for the following Sub-Funds and amounted to: Catella SICAV - Catella Nordic Long/Short Equity SEK 5,276, Catella SICAV - Catella Nordic Corporate Bond Flex: SEK 4,054, Note 5 - Central Administration Costs The Management Company receives out of the Sub-Fund s net assets, an administration fee consisting of a flat fee of EUR 31,000 p.a. plus a variable fee of maximum % p.a. This fee is accrued on a daily basis and paid out monthly in arrears. This fee includes the fee due to the Custodian. The Management Company is furthermore entitled to receive out of the Sub-Fund s net assets, in respect of the register and transfer agent functions and other related services, a further fee of EUR 6,500 p.a. for up to two active Classes of Shares and EUR 1,500 p.a. for each additional active Class of Shares in accordance with Luxembourg customary banking practice, accrued daily and payable monthly in arrears. Note 6 - Subscription duty ("taxe d abonnement") The Fund is governed by Luxembourg law. Pursuant to the legislation and regulations which are prevailing, the Fund is subject to an annual subscription duty ("taxe d abonnement") of 0.05% which is payable quarterly and calculated on the basis of the net assets of each Sub-Fund on the last day of each quarter. 24

27 Catella SICAV Notes to the financial statements (continued) The rate of this tax is reduced to 0.01% of the value of the net assets for Sub-Funds or Classes of shares reserved to institutional investors. According to Article 175 (a) of the amended Law of 17th December 2010, the net assets invested in Undertakings for Collective Investments already subject to the "taxe d abonnement" are exempt from this tax. Note 7 - Forward foreign exchange contracts As at 30th June 2015, the following Sub-Fund was committed in the following forward foreign exchange contracts with Skandinaviska Enskilda Banken S.A. in Luxembourg: Catella SICAV - Catella Nordic Long/Short Equity Currency Purchases Currency Sales Maturity Unrealised result (in SEK) Forward foreign exchange contracts linked to RC (H-EUR) Shares EUR 321, SEK 2,967, , , Catella SICAV - Catella Nordic Corporate Bond Flex Currency Purchases Currency Sales Maturity Unrealised result (in SEK) Forward foreign exchange contracts SEK 45,530, DKK 36,700, , SEK 37,880, EUR 4,050, , SEK 25,893, EUR 2,760, , SEK 57,919, EUR 6,200, , SEK 210,690, EUR 22,500, ,816, SEK 993,589, EUR 107,600, , SEK 313,999, GBP 24,300, ,737, SEK 20,662, GBP 1,600, , SEK 31,563, NOK 30,000, , SEK 42,988, NOK 41,000, , SEK 785,863, NOK 725,000, ,191, SEK 1,179,990, USD 140,000, ,060, ,038, Forward foreign exchange contracts linked to IC (H-EUR) Shares EUR 202, SEK 1,898, , EUR 78, SEK 730, , EUR 198, SEK 1,854, , EUR 11, SEK 105, EUR 6,852, SEK 63,156, , EUR 9, SEK 90, EUR 24, SEK 229, EUR 140, SEK 1,295, , EUR 535, SEK 4,936, , EUR 907, SEK 8,394, , SEK 3, EUR SEK 28, EUR 3, SEK 19, EUR 2, SEK 157, EUR 17, SEK 4,517, EUR 488, SEK 47, EUR 5, SEK 33, EUR 3, SEK 69, EUR 7, SEK 206, EUR 22, SEK 47, EUR 5, SEK 105, EUR 11, ,

28 Catella SICAV Notes to the financial statements (continued) Note 8 - Futures contracts As at 30th June 2015, the following Sub-Fund was committed in the following contracts with Skandinaviska Enskilda Banken AB (publ.) s branch in London: Catella SICAV - Catella Nordic Long/Short Equity Number of contracts Denomination Currency Commitments (in SEK) Sale 400 OMX Stockholm 30 Index FUT 07/15 OMX The deposits on futures contracts are recorded in the statement of net assets. Unrealised result (in SEK) SEK -61,670, , , Note 9 - Contracts For Difference (CFD) As at 30th June 2015, the following Sub-Fund was committed in the following CFDs with Skandinaviska Enskilda Banken AB (publ) in Stockholm: Catella SICAV - Catella Nordic Long/Short Equity Number of contracts Denomination Currency Market value (in SEK) Unrealised result (in SEK) Sale -7,000 AAK AB CFD SEK -3,439, , Sale -70,657 Boliden AB CFD SEK -10,676, ,254, Sale -20,000 Electrolux AB B CFD SEK -5,196, , Sale -35,000 Elisa Corp CFD EUR -9,196, ,566, Sale -40,000 Getinge AB B CFD SEK -7,980, , Sale -31,000 Industrivaerden AB C CFD SEK -4,842, , Sale -90,000 Lundin Petroleum AB CFD SEK -12,780, , Sale -14,783 Nibe Industrier AB B CFD SEK -3,324, , Sale -36,000 Svenska Cellulosa SCA AB B CFD SEK -7,588, , Sale -150,000 Telefon AB LM Ericsson B CFD SEK -12,885, ,524, ,908, ,634, Note 10 - Swaps Contracts As at 30th June 2015 the following Sub-Fund was committed in the following Credit Default Swaps Index contracts with Skandinaviska Enskilda Banken AB (publ) in Stockholm: Catella SICAV - Catella Nordic Corporate Bond Flex Sense of protection Currency Nominal Underlying Maturity Underlying exposure (in SEK) Unrealised result (in SEK) Purchase EUR 25,000,000 ITRAXX Europe Crossover Ser ,597, ,450, Y Version 1 Index 213,597, ,450, Note 11 - Pledged assets At the date of the report, the following Sub-Funds have pledged assets as described below: - Catella SICAV - Catella Nordic Long/Short Equity holds cash pledged as collateral at Skandinaviska Enskilda Banken SA Luxembourg for an amount of SEK 4,070,396.09, - Catella SICAV - Catella Nordic Corporate Bond Flex holds cash pledged as collateral at Skandinaviska Enskilda Banken AB (publ) Stockholm for an amount of SEK 42,150, Those amounts serve as collateral for commitment on OTC derivative instruments. Note 12 - Changes in the investment portfolio The statement of changes in the investment portfolio for the period covered by the report is available free of charge upon request from the registered office of the Management Company. 26

29 Catella Fondförvaltning AB Birger Jarlsgatan 6 SE Stockholm